Blockchain Technology Is Not Going Anywhere Despite the Downtrend of Bitcoin (BTC)

Blockchain technology is one of the best technologies the world has ever seen. The technology has revolutionized a lot of industries in the world. It has a lot of use cases and some of its potentials are yet to be discovered. Over the past years, the technology has had some ups and downs. It has taken investors on financial and emotional swing highs and lows.

Blockchain Technology Is Not Going Anywhere

Last year was indeed the best year the crypto market has seen so far. The last quarter of last year would forever remain in the memories of investors as a lot of digital currencies reached their peak. However, that trend is nowhere to be found as the crypto market is now on a free fall.

Bitcoin (BTC) is now trading close to the $4,500 mark, its lowest level since October last year. A lot of people have been cautious about putting their money in the digital currency market due to the high volatility of the market.

The market is highly unpredictable and no one knows what the future holds. The intense volatility level of the crypto market has caused a lot of investors to hang on the fence. However, the major reason why blockchain technology is still trending and will continue to trend is that it’s not going anywhere.

More VC Funds and Firms Are Investing in Blockchain Technology

With the unforeseen future of the crypto market, staunch digital currency fans are turning to blockchain to restore their hopes of a decentralized world. Over the past couple of months, a lot of venture capital funds and top companies have also joined this trend. They are now investing in blockchain as well as the promises it holds regarding efficiency, transparency, and security.

Top firms such as IBM, Google, Facebook, and Microsoft have also been exploring and researching blockchain technology. However, it took quite some time for these firms to accept the idea of blockchain and its potentials.

Bitcoin (BTC) Price Today – BTC / USD

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The global market value of blockchain-related services and products is about $700M. The value is still on the rise and it is expected to surge over $60B by the end of 2024. The entrance of these top tech firms into the blockchain world can’t be ignored. However, no one knows whether they are entering the arena due to the threat by this new technology or they really want to explore the potentials of the technology.

Blockchain Is Becoming More Legit

About a week ago, the SEC made known its intent to crack down on outright fraud and regulatory abuses in the industry. This further proves the legitimacy of the technology and give investors more assurance. A lot of corporations are now partnering with blockchain firms to secure a better future.

Undoubtedly, blockchain technology is not going anywhere, it is here to stay. The only challenge it faces at the moment is its slow adoption. No one knows how long the mass adoption of the technology will take. However, just like the internet, many believe that blockchain technology would gain mainstream adoption in the near future. As more use cases and possibilities for the technology are discovered, it will spread to all parts of the world eventually.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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